Auction websites have been around over the years and have gained popularity giving users the opportunity to use a platform for buying and selling different products based on a bidding system. Others have seen the idea to build your own auction website as a good strategy, especially when starting a business due to its ability to gain a huge following.

Statistics show that 12% of users with an age of 18 to 29 years, and 11% of users ages 30 to 59 years participate in daily auctions.

In 2017 IBISWorld noted that the annual revenue of the online auction business is estimated at $394 billion and is going to increase at 13.3% annually.

In 2020, the Industry Statistics and Market Research USA forecasts online auctions will grow in the next 5 years. This goes to show that auction websites have been a huge part of our lives whether it is on the buyer or seller side.

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